Ring Energy Inc (NYSEAMERICAN:REI) – Equities researchers at SunTrust Banks cut their Q3 2018 EPS estimates for shares of Ring Energy in a research note issued to investors on Monday, November 5th. SunTrust Banks analyst N. Dingmann now forecasts that the company will earn $0.10 per share for the quarter, down from their previous forecast of $0.11. SunTrust Banks also issued estimates for Ring Energy’s FY2019 earnings at $0.95 EPS.
Ring Energy (NYSEAMERICAN:REI) last released its earnings results on Wednesday, August 8th. The company reported $0.09 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by ($0.04). The company had revenue of $29.93 million during the quarter, compared to analysts’ expectations of $30.05 million.
REI has been the subject of a number of other research reports. Seaport Global Securities downgraded Ring Energy from a “buy” rating to a “neutral” rating and lowered their price target for the company from $20.00 to $12.00 in a research report on Tuesday, October 2nd. Zacks Investment Research downgraded Ring Energy from a “hold” rating to a “sell” rating in a research report on Thursday, September 20th. Imperial Capital set a $15.00 price target on Ring Energy and gave the company an “outperform” rating in a research report on Thursday, October 4th. Finally, Ifs Securities reissued an “outperform” rating on shares of Ring Energy in a research report on Monday, October 29th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Ring Energy currently has an average rating of “Buy” and an average target price of $17.89.
Ring Energy stock opened at $7.40 on Wednesday. Ring Energy has a 52 week low of $6.75 and a 52 week high of $17.35.
In related news, insider Daniel D. Wilson sold 25,000 shares of the stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $11.13, for a total value of $278,250.00. Following the completion of the transaction, the insider now owns 40,000 shares of the company’s stock, valued at $445,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President David A. Fowler sold 10,000 shares of the stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $11.54, for a total value of $115,400.00. Following the completion of the transaction, the president now directly owns 135,200 shares of the company’s stock, valued at approximately $1,560,208. The disclosure for this sale can be found here. Insiders sold 370,375 shares of company stock valued at $4,183,691 in the last ninety days.
A number of institutional investors and hedge funds have recently modified their holdings of REI. Wells Fargo & Company MN raised its position in shares of Ring Energy by 47.9% during the 3rd quarter. Wells Fargo & Company MN now owns 113,754 shares of the company’s stock worth $1,127,000 after purchasing an additional 36,853 shares during the period. Monarch Partners Asset Management LLC raised its position in shares of Ring Energy by 15.8% during the 3rd quarter. Monarch Partners Asset Management LLC now owns 546,834 shares of the company’s stock worth $5,419,000 after purchasing an additional 74,790 shares during the period. Congress Asset Management Co. MA raised its position in shares of Ring Energy by 187.1% during the 3rd quarter. Congress Asset Management Co. MA now owns 209,931 shares of the company’s stock worth $2,080,000 after purchasing an additional 136,821 shares during the period. Alps Advisors Inc. acquired a new stake in shares of Ring Energy during the 3rd quarter worth approximately $428,000. Finally, United Services Automobile Association raised its position in shares of Ring Energy by 39.4% during the 2nd quarter. United Services Automobile Association now owns 249,340 shares of the company’s stock worth $3,147,000 after purchasing an additional 70,516 shares during the period.
About Ring Energy
Ring Energy, Inc, an exploration and production company, acquires, explores for, develops, and produces oil and natural gas in Texas, the United States. As of December 31, 2017, the company's proved reserves consisted of approximately 31.9 million barrel of oil equivalent. As of the above date, it also had interests in 8,102 net developed acres and 61,772 net undeveloped acres in Andrews and Gaines counties; and 10,235 net developed acres and 9,682 net undeveloped acres in Culberson and Reeves counties.
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